Home Insurance Lethbridge: Intro
Welcome to your Home Insurance Guide for Lethbridge. This page will give you an idea of Home Insurance Premiums in Alberta, will inform about savings opportunities and also provide number of other useful tips for choosing Home Insurance protection in Lethbridge.
What Are Typical Home Insurance Premiums In Alberta?
The chart above illustrates the average Renters and Homeowners Insurance premiums in Alberta and other provinces including Home Insurance in Lethbridge. Renters insurance rates are typically lower than home owners premiums due to the nature of insurance: Renters insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself since it is covered under the insurance property of the homeowner.
Overall consumers spend more on Home Insurance in Alberta is relatively high with only British Columbia having higher than Alberta premiums. High insurance premiums are driven some what by rougher natural conditions and their potential impact on your dwelling (e.g. flooding).
One of the larger natural disasters in the past years become flooding that strongly impacted Alberta in 2013. Unfortunately the most insurers in Canada still do not cover overland flooding (e.g. due to rain, storm, melted snow etc) and thus we suggest to check with your insurer if these cases are typically covered.
How Can You Save on Home Insurance in Lethbridge?
- Dependent students: Dependent students living in their own apartment can be covered by their parents’ home insurance policy at no additional charge. Check with your insurer for this benefit.
- Retirees: Retirees can often get an additional discount since they are on the premises more often than someone that works away from home for most of the day.
- Annual vs. monthly payments: Annual payments save insurers administrative costs such as time, postage and billing. Therefore, you are rewarded with lower premiums.
- Bundle: Most companies offer a discount if you bundle polices, such as home and auto.
- Home Insurance deductibles: Raise your deductible to lower your premium.
- Repair instead claims: Consider your deductible and your potential raise in premiums before placing small claims. Is it worth it, can you repair it yourself?
- Professional Memberships: Are you a member of a professional organization such as Certified Management Accountants of Canada? Some companies offer discounts to professional members, and some organizations offer their members insurance policies.
- Heating: Insurers like forced-air gas furnaces or electric heat installations. If you have an oil-heated home, you could be paying more for insurance. Keep this in mind when you are house hunting.
- Wiring: Not all wiring is created equal. Make sure you have approved wiring and be sure to avoid aluminum wiring, which can be very expensive to insure. Not all insurers will cover houses with aluminum wiring, and those that do usually require a full electrical inspection of the house.
- Change your content coverage: Do you rent an apartment or condo? You can often lower your content coverage. No need to insure your belongings to up to $250,000 if you only have a laptop and some IKEA furniture.
- Renovations: Renovating your house can result in lower home insurance premiums, as home insurance premiums for older, poorly maintained homes are usually higher. Also, updating only parts of your house, such as the basement or kitchen, may lead to savings on your insurance.
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